SJR 57 Limits the amount of tax credits that may be issued in a fiscal year to $200 million and reduces the rate of tax on income
Sponsor: Lager
LR Number: 6119S.03I Fiscal Note available
Committee: Ways and Means
Last Action: 3/26/2014 - Second Read and Referred S Ways and Means Committee Journal Page: S624
Title: Calendar Position:
Effective Date: Upon voter approval

Full Bill Text | All Actions | Amendments/CCRs/CCSs | Available Summaries | Senate Home Page | List of 2014 Senate Bills

Current Bill Summary


SJR 57 - This constitutional amendment, if approved by the voters, will limit the amount of tax credits that may be issued or authorized after July 1, 2015, to $200 million per fiscal year. The Department of Revenue is required to determine the amount of tax credits redeemed in excess of $200 million dollars for fiscal year 2014. The Department is then required to determine what amount of reduction in the rate of tax on individual income in fiscal year 2014 would have resulted in the same amount. The rate of tax on individual income will be reduced to such rate for all tax years beginning on or after January 1, 2016.

MIKE HAMMANN